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ONGC recorded a 2 per cent loss last week in line with our expectation. Momentum indicators are implying a weak trend for the short-term. The down-move in ONGC last week was halted by the long term average positioned at Rs 870. The medium term outlook continues to be negative for this stock.

A fall below Rs 870 would signal that it is moving towards the medium term targets of Rs 840 or Rs 804. The stock will face resistance from Rs 903 or Rs 920 next week. Traders can use short-term rallies to short the stock with a stop at Rs 925. Investors can hold the stock with a stop at Rs 780.

— Lokeshwarri S. K.

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